TCC sets 2020 open for The Parq project – Bangkok Post Property finance advice

The first phase of The Parq, a 20-billion-baht mixed-use development on Rama IV Road developed by TCC Assets Thailand, is scheduled to fully open by early 2020.

The first phase of The Parq comprises Grade A commercial office space and retail space at an investment cost of about 8 billion baht, dubbed The Parq Workplace and The Parq Life, respectively.

The Parq Workplace will have 60,000 square metres of premium office space, while The Parq Life will occupy 12,000 sq m of premium retail space.

The Parq’s second phase includes additional premium office space and a hospitality component that will cater primarily to business people and those attending conventions and conferences at the nearby Queen Sirikit National Convention Center.

The entire project is scheduled to be completed in 2023.

“The Parq is designed with a unique concept and niche,” said Russell Kim, project director for design. “It unites innovative architecture, sustainable designs and integrated smart services under the ‘Life Well Balanced’ concept to elevate the level of working and living in Bangkok.”

The Grade A commercial office space is aimed at leading domestic and international corporations seeking an innovative space. Highlights include column-free rectangular floor plates of up to 5,000 sq m and 3-metre-high ceilings for greater tenant flexibility to design floor plans.

“The Parq sets a sustainable future benchmark for Bangkok,” said Urasate Navanugraha, director for asset development at Frasers Property. “LEED and WELL building standards work symbiotically to ensure that buildings and communities preserve precious resources for a brighter future. It was important for us to aim to pioneer this for Thailand, to present the best manifestation of office and retail spaces.”

The Parq Life will include restaurants, supermarkets and a food court under the “Eat Well and Shop Well” concept. In line with the “Life Well Balanced” vision, dedicated fitness, sport, beauty and wellness services, as well as socially and environmentally responsible retail options, will feature abundantly.

The company expects a captive population of 15,000 people within The Parq development.

Property consultant CBRE Thailand said The Parq will boost the intensifying competition in the mixed-use segment on Rama IV, where there are several projects.

Others are the 9-billion-baht Samyan Mitrtown at Sam Yan intersection; the new development jointly invested in by Central Pattana Plc and Dusit Thani; and the 120-billion-baht One Bangkok. All will gradually start operating during 2019-22.

CBRE said the new office supply being completed in Bangkok in 2020 will total around 270,000 sq m, up from 78,000 in 2019 and 230,000 in 2018.

New office demand is about 200,000 sq m yearly.

This article originally appeared here via Google News